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Tuesday, March 11, 2014

Bitcoin bankruptcy math in doubt

More on the bitcoin exchange bankruptcy of Mt. Gox. Per www.washingtonpost.com:

BY GAIL SULLIVAN

March 11 at 5:01 am

When it comes to Bitcoin, it’s hard to know what to believe-or whom.

When Mt. Gox filed for U.S. bankruptcy protection on Sunday, it listed liabilities of about $64 million and assets of $38 million, according to the AP.

Source: Associated Press. Graphic: Tobey – The Washington Post

But hackers who broke into Mt Gox CEO Mark Karpales’ Reddit account this weekend posted a summary of data they found on Mt. Gox servers showing the company still has 951,116 bitcoins ($30,611,805.67 USD) which they say is evidence the exchange’s owners may have pocketed the missing bitcoins themselves.

Something doesn’t add up.

The Tokyo-based exchange, which once handled 80 percent of the world’s bitcoin trades, went dark after nearly half a billion dollars in bitcoins went missing in a heist that went unnoticed for years.

For more, see http://www.washingtonpost.com/news/morning-mix/wp/2014/03/11/mt-gox-files-for-bankruptcy-and-the-numbers-dont-add-up/